Section 13-228. Contributions of the city and their use; contingent reserve fund

a. The contingent reserve fund shall be the fund in which shall be  accumulated  the  reserve  necessary  to  pay  all  pensions   and   the
  reserve-for-increased-take-home-pay, and all death benefits allowable by
  the  city  on account of the city-service of members as provided in this
  subchapter.
    b. (1) (a) Subject  to  the  provisions  of  paragraph  five  of  this
  subdivision, the city shall contribute to the contingent reserve fund;
    (i) annually an amount to be known as the normal contribution; and
    (ii)  in  equal  annual  installments during the period beginning with
  fiscal   year   nineteen   hundred    seventy-seven--nineteen    hundred
  seventy--eight  and  ending  on  the  last  day  of fiscal year nineteen
  hundred seventy-nine--nineteen  hundred  eighty,  an  additional  amount
  which  shall  be  known  as  the  original  unfunded  accrued  liability
  contribution,  and  which  shall  be  determined  as  provided  for   in
  subparagraph a of paragraph (3) of this subdivision b; and
    (iii) in each city fiscal year during the period beginning with fiscal
  year  nineteen hundred eighty--nineteen hundred eighty-one and ending on
  the last day of fiscal year two thousand fourteen--two thousand fifteen,
  the annual installment, applicable to such fiscal year, of an additional
  amount which shall be known as the revised  unfunded  accrued  liability
  contribution   and   which  shall  be  determined  as  provided  for  in
  subparagraph (b) of paragraph (3) of this subdivision; and
    (iv) in each city fiscal year during the period beginning with  fiscal
  year nineteen hundred eighty-one--nineteen hundred eighty-two and ending
  on  the  last  day  of  fiscal  year  two  thousand twenty--two thousand
  twenty-one, the annual installment, applicable to such fiscal  year,  of
  an additional amount which shall be known as the balance sheet liability
  contribution  and which shall be determined as provided for in paragraph
  (4) of this subdivision; and
    (v)  in  fiscal  year  nineteen   hundred   eighty--nineteen   hundred
  eighty-one,  the amount of one year's interest, at the rate of seven and
  one-half per centum per annum,  on  the  amount  of  the  balance  sheet
  liability  as  of June thirtieth, nineteen hundred eighty, as determined
  pursuant to the provisions of paragraph four of this subdivision; and
    (vi) in each city fiscal year, beginning  with  fiscal  year  nineteen
  hundred  eighty--nineteen  hundred eighty-one and ending on the last day
  of  fiscal   year   nineteen   hundred   ninety-four--nineteen   hundred
  ninety-five,   the  amount  required  to  fulfill  the  public  employer
  obligation,  if  any,  which  accrued  in  such  fiscal  year,  to  make
  contributions on account of increased-take-home-pay; and
    (vii)  in  each  city fiscal year, beginning with fiscal year nineteen
  hundred eighty--nineteen hundred eighty-one and ending on the  last  day
  of   fiscal   year   nineteen   hundred   ninety-four--nineteen  hundred
  ninety-five,  the  amount  required  to  fulfill  the  public   employer
  obligation,  which  accrued  in such fiscal year under the provisions of
  subdivision twenty of section two hundred forty-three  of  the  military
  law,  to  pay  in  behalf of members qualifying for such benefit, member
  contributions with respect to certain periods of the military service of
  such members.
    (b) (i) If the nineteen  hundred  eighty  unfunded  accrued  liability
  adjustment  determined  pursuant to subparagraph (c) of paragraph (3) of
  this subdivision b is a credit, the total of the amounts required to  be
  contributed  by  the  city  to  the contingent reserve fund in each city
  fiscal year,  commencing  with  the  nineteen  hundred  eighty--nineteen
  hundred  eighty-one  fiscal  year  and  ending  with  the  two  thousand
  nine--two thousand ten fiscal year, pursuant to items (i), (iii),  (iv),
  (v),  (vi)  and (vii) of subparagraph (a) of this paragraph one shall be

  reduced by the amount of one annual installment of such unfunded accrued
  liability adjustment.
    (ii)  If  the  nineteen  hundred  eighty  unfunded  accrued  liability
  adjustment determined pursuant to such subparagraph (c) is a charge, the
  city shall contribute in each city  fiscal  year,  commencing  with  the
  nineteen  hundred  eighty--nineteen  hundred  eighty-one fiscal year and
  ending with the two thousand nine--two  thousand  ten  fiscal  year,  in
  addition  to the amounts required to be contributed under the provisions
  of subparagraph (a) of this paragraph, one annual  installment  of  such
  unfunded accrued liability adjustment.
    (iii)  The  total  of  the  amounts  required to be contributed to the
  contingent reserve fund in each city fiscal  year  commencing  with  the
  nineteen  hundred  eighty-two--nineteen hundred eighty-three fiscal year
  and ending with the two thousand eleven--two thousand twelve fiscal year
  pursuant to items (i), (iii), (iv), (v), (vi) and (vii) of  subparagraph
  (a) of this paragraph one and the applicable provisions of items (i) and
  (ii)  of  this  subparagraph  (b) and otherwise pursuant to law shall be
  reduced by the amount of one annual installment of the nineteen  hundred
  eighty-two  unfunded accrued liability adjustment determined pursuant to
  subparagraph (d) of paragraph three of this subdivision b.
    * (iv) The total of the amounts required  to  be  contributed  to  the
  contingent  reserve  fund  in  each city fiscal year commencing with the
  nineteen hundred eighty-five--nineteen hundred  eighty-six  fiscal  year
  and  ending  with the two thousand fourteen--two thousand fifteen fiscal
  year pursuant to  items  (i),  (iii),  (iv),  (v),  (vi)  and  (vii)  of
  subparagraph  (a) of this paragraph one and the applicable provisions of
  items (i) and (ii) of this subparagraph (b) and  otherwise  pursuant  to
  law  shall  be  increased by the amount of one annual installment of the
  nineteen  hundred  eighty-five  unfunded  accrued  liability  adjustment
  determined  pursuant  to  subparagraph  (e)  of  paragraph three of this
  subdivision b.
    * NB There are two item (iv)'s
    *  (iv)  For  the  purpose  of  effectuating  the   nineteen   hundred
  eighty-eight  unfunded  accrued  liability  adjustment  provided  for in
  section 13-638.1 of the code, contributions to  the  contingent  reserve
  fund  shall  be made by the responsible obligor (as defined in paragraph
  six of subdivision a of such section) or credits  shall  be  allowed  to
  such obligor against contributions otherwise payable by such obligor, as
  the  case  may  be, to the extent and in the manner provided for in such
  section. The annual determination of the normal contribution for  fiscal
  years  occurring  during  the  period  beginning on July first, nineteen
  hundred eighty-eight and ending  on  June  thirtieth,  nineteen  hundred
  ninety-eight  shall  appropriately  take account of the nineteen hundred
  eighty-eight unfunded accrued liability adjustment and the provisions of
  subparagraph (b) of paragraph two of this subdivision b shall be  deemed
  to be conformably modified for such purpose.
    * NB There are two item (iv)'s
    (c)  (i)  Any  amount required by the provisions of items (iii), (iv),
  (v), (vi) and (vii) of subparagraph (a) of this paragraph and items (ii)
  and (iv) of subparagraph (b) of this paragraph  and  section  13-704  of
  this  title  to  be  contributed  to  the contingent reserve fund in the
  city's nineteen hundred eighty--nineteen hundred eighty-one fiscal  year
  or  any  subsequent  fiscal  year shall be payable with interest on such
  amount at a rate per centum per annum equal to the rate per  centum  per
  annum  required  to  be used for the purpose of any actuarial valuation,
  determination or appraisal made to determine the amount  of  the  normal
  contribution payable to the contingent reserve fund in such fiscal year.

    (ii)  Any  amount required to be contributed to the contingent reserve
  fund in any fiscal year of  the  city  preceding  the  nineteen  hundred
  eighty--nineteen  hundred eighty-one fiscal year shall be deemed to have
  been required to be paid with interest on such  amount  at  a  rate  per
  centum  per  annum equal to the rate per centum per annum required to be
  used for the  purpose  of  any  actuarial  valuation,  determination  or
  appraisal  made  to  determine  the  amount  of  the normal contribution
  payable to the contingent reserve fund in such fiscal year.
    (iii) It is hereby declared that the provisions of items (i) and  (ii)
  of  this  subparagraph (c), insofar as they relate to provisions of this
  subchapter or other laws requiring payment of employer contributions  to
  the  pension  fund prior to the date of enactment of the act which added
  this subparagraph (c), express the intent of  such  provisions  of  this
  subchapter or other laws requiring such payment.
    (2)   Normal  contribution.--(a)(i)  Upon  the  basis  of  the  latest
  mortality and other tables herein authorized and regular  interest,  the
  actuary  shall  determine, as of June thirtieth, nineteen hundred eighty
  and as of each succeeding  June  thirtieth,  the  amount  of  the  total
  liability  for  all  benefits  provided  in  this subchapter, in article
  eleven of the retirement and social security law,  article  fourteen  of
  such  law  (if  and  when  applicable)  and in any other law prescribing
  benefits payable by the pension fund  on  account  of  all  members  and
  beneficiaries,   excluding   the   liability   on   account   of  future
  increased-take-home-pay contributions, if any,  and  the  liability  for
  benefits  attributable  to  the annuity savings fund, provided, however,
  that in determining such total liability for all  benefits  as  of  June
  thirtieth,  nineteen  hundred ninety-five and as of each succeeding June
  thirtieth, the actuary shall include (A) the  liability  on  account  of
  future  increased-take-home-pay contributions, if any, (B) the liability
  on account of future public employer obligations under the provisions of
  subdivision twenty of section two hundred forty-three  of  the  military
  law,  to  pay  in  behalf of members qualifying for such benefit, member
  contributions with respect to certain periods of the military service of
  such members and (C) the liability  for  benefits  attributable  to  the
  annuity savings fund.
    (ii)  For  the purposes of subparagraphs (b) and (c) of this paragraph
  two, the actuary shall determine, as of June thirtieth, nineteen hundred
  ninety-five  and  as  of  each  succeeding  June  thirtieth,  the  total
  liability  of the pension fund which shall be an amount equal to the sum
  of (A) the total liability for all benefits as  determined  pursuant  to
  item  (i)  of  this subparagraph and (B) the amount, as estimated by the
  actuary, of the total liability of the pension fund on  account  of  all
  payments  which the pension fund may be required to make for base fiscal
  years (as defined by the  applicable  provisions  of  paragraph  one  of
  subdivision  b  of section 13-232.1 of this subchapter and paragraph one
  of subdivision b of section 13-232.3 of this subchapter) beginning on or
  after July first, nineteen hundred ninety-four to the  police  officer's
  variable  supplements  fund, pursuant to subdivisions d, e and f of such
  section  13-232.1  and  to  the  police  superior   officer's   variable
  supplements  fund  pursuant  to  subdivisions d, e and f of such section
  13-232.3.
    (a-1) Notwithstanding any other provision of law to the contrary,  for
  the  purpose  of  calculating  the amount of the normal contribution due
  from the city to the contingent reserve fund  pursuant  to  subparagraph
  (c)  of  this  paragraph  in fiscal year two thousand five--two thousand
  six, and in each fiscal year thereafter, both the total liability of the
  pension  fund,  as  calculated  by  the  actuary  in   accordance   with
  subparagraph (a) of this paragraph, and the normal rate of contribution,

  as calculated by the actuary in accordance with subparagraph (b) of this
  paragraph, shall be determined as of June thirtieth of the second fiscal
  year  preceding  the  fiscal  year  in  which the normal contribution is
  payable,  provided,  however,  that  (i)  the actuary shall use for such
  calculations the mortality and other tables that are applicable  at  the
  time he or she performs such calculations; (ii) the total funds on hand,
  as  determined  by  the  actuary pursuant to sub-item (F) of item (i) of
  subparagraph (b) of this paragraph, shall be adjusted by adding to  such
  amount  the  present  value of all employer contributions required to be
  paid into the contingent reserve fund in the fiscal year next  preceding
  the  fiscal  year  in  which  the  normal  contribution  is  payable, as
  determined  by  the  actuary;  and  (iii)  the  present  value  of   the
  prospective  future  salaries of all members, as computed by the actuary
  for the purposes of item (ii) of subparagraph  (b)  of  this  paragraph,
  shall  be  reduced  by  the present value of the salaries expected to be
  paid to all members in the fiscal year next preceding the fiscal year in
  which the normal contribution is payable, as determined by the actuary.
    (b) The normal rate of contribution  shall  be  the  rate  per  centum
  obtained;
    (i) by deducting from the amount of such total liability the sum of;
    (A)  (1)  the  amount obtained by adding together the present value of
  all required future revised unfunded accrued liability contributions and
  the present value of  all  required  future  payments  of  the  nineteen
  hundred   eighty   unfunded  accrued  liability  adjustment,  determined
  pursuant to subparagraph (c) of paragraph three of this  subdivision  b,
  if such adjustment is a charge; or
    (2)  the  remainder  obtained by subtracting from the present value of
  all required future revised unfunded  accrued  liability  contributions,
  the  present  value  of  all future installments of the nineteen hundred
  eighty unfunded accrued liability adjustment required to be credited, if
  such nineteen hundred eighty adjustment is a credit;
    (3) minus (whether (1) or (2) of this sub-item (A) is applicable)  the
  present  value  of  all  future  installments  of  the  nineteen hundred
  eighty-two unfunded accrued liability adjustment; and
    (A-1) the present value of all future  installments  of  the  nineteen
  hundred  eighty-five  unfunded  accrued  liability adjustment determined
  pursuant to subparagraph (e) of paragraph three of this  subdivision  b;
  and
    (B)  the  present value of all required future balance sheet liability
  contributions, plus, in the case of  the  determination  of  the  normal
  contribution  payable  in  fiscal year nineteen hundred eighty--nineteen
  hundred eighty-one, the present value, as of  June  thirtieth,  nineteen
  hundred  eighty,  of  the  payment  of  interest  on  the  balance sheet
  liability as required by item (v) of subparagraph (a) of  paragraph  one
  of this subdivision b; and
    (C) the present value of all future member contributions on account of
  dependent benefits; and
    (D)  the  present  value  of all required future payments, pursuant to
  section 13-704 of this title, of installments of  losses  in  excess  of
  installments  of  gains on dispositions of securities within the meaning
  of such section; and
    (E) in the case  of  the  determination  of  the  normal  contribution
  payable in each fiscal year commencing with fiscal year nineteen hundred
  ninety-five--nineteen  hundred  ninety-six,  the present value of future
  member contributions of all members; and
    (F) the total funds on hand, including the amount of any unpaid moneys
  appropriated pursuant to section 13-231 of this subchapter and,  in  the
  case  of  the  determination  of the normal contribution payable in each

  fiscal   year   commencing   with   fiscal   year    nineteen    hundred
  ninety-five--nineteen  hundred  ninety-six,  including the amount in the
  annuity savings fund; and
    (G)  the  present  value  of  all other future installments of accrued
  liability contributions to the pension fund required by  the  applicable
  provisions  of  section  13-638.3 of this title which are not covered by
  the preceding sub-items of this item (i); and
    (ii) by dividing the remainder by one per centum of the present  value
  of  the  prospective  future salaries of all members, as computed by the
  actuary on the basis of the latest mortality and service tables  adopted
  pursuant  to  section  13-221  of  this  subchapter, and on the basis of
  regular interest. The normal rate  of  contribution  determined  by  the
  actuary  shall  not be less than zero, shall be certified by the actuary
  after each such valuation and shall continue in  force  until  the  next
  succeeding valuation and certification.
    (c)(i)  The amount of the normal contribution due from the city to the
  contingent reserve fund in each city fiscal year,  commencing  with  the
  nineteen  hundred  eighty--nineteen  hundred  eighty-one fiscal year and
  ending with the two thousand four--two thousand five fiscal year,  shall
  be  the  amount obtained by multiplying the normal rate of contribution,
  as determined by the actuary as of June thirtieth  next  preceding  such
  fiscal  year,  by  the  aggregate annual salaries of the members on such
  next preceding June thirtieth, and shall be payable in such fiscal  year
  next  following such June thirtieth, together with such regular interest
  thereon which may be due, if any, as calculated by the actuary.
    (ii) The amount of the normal contribution due from the  city  to  the
  contingent  reserve  fund  in each city fiscal year, commencing with the
  two thousand five--two thousand six fiscal year,  shall  be  the  amount
  obtained  by  multiplying the normal rate of contribution, as determined
  by the actuary as of the second June thirtieth preceding the fiscal year
  in which the normal contribution is  payable,  in  accordance  with  the
  provisions  of  subparagraphs  (a-1)  and  (b) of this paragraph, by the
  aggregate amount of the salaries expected to  be  paid  to  the  members
  during  the  fiscal year in which the normal contribution is payable, as
  determined by the actuary, and such normal contribution shall be payable
  in the second fiscal year following the June thirtieth as of  which  the
  normal  rate  of  contribution is determined, together with such regular
  interest thereon which may be due, if any, as calculated by the actuary.
    (iii) In the case of the normal contribution payable in  the  nineteen
  hundred  eighty--nineteen  hundred  eighty-one  fiscal  year  and in any
  subsequent fiscal year, the term "regular interest",  as  used  in  this
  subparagraph  (c),  shall  mean  regular  interest  as  defined  by  the
  applicable provisions of subparagraph  (ii)  or  subparagraph  (iii)  of
  paragraph (c) or paragraph (d) of subdivision eight of section 13-214 of
  this subchapter.
    (d)  (i) For the purposes of this subparagraph (d), the terms "pension
  fund, subchapter one" and "police subchapter one beneficiary" shall have
  the meanings set forth in paragraphs one  and  three,  respectively,  of
  subdivision a of section 13-213.1 of this chapter.
    (ii)  The  amount  of the normal contribution due from the city to the
  contingent   reserve   fund   in    the    city's    nineteen    hundred
  ninety-four--nineteen  hundred ninety-five fiscal year shall be equal to
  the  amount  of  the  normal  contribution  for  such  fiscal  year,  as
  calculated in accordance with the provisions of subparagraph (c) of this
  paragraph,  minus  the sum (calculated by the actuary to reflect regular
  interest in accordance with the provisions of subparagraph (c)  of  this
  paragraph) of the following:

    (A)  the  amount of the assets deemed to have been transferred on July
  first, nineteen hundred ninety-four from pension fund, subchapter one to
  this pension fund  and  credited  to  the  contingent  reserve  fund  in
  accordance  with  the  provisions  of  subdivisions  b  and c of section
  13-213.1  of this chapter, as if such transfer actually had been made on
  such July first; and
    (B) the amount of the benefits payable  during  the  nineteen  hundred
  ninety-four--nineteen  hundred  ninety-five fiscal year by pension fund,
  subchapter one to police subchapter one beneficiaries; and
    (C) the amount of supplemental benefits payable  during  the  nineteen
  hundred ninety-four--nineteen hundred ninety-five fiscal year, including
  the  increase  in certain of such benefits provided by paragraph four of
  subdivision a of section 13-687 of this title, as added by  the  chapter
  of   the   laws   of  nineteen  hundred  ninety-five  which  added  this
  subparagraph, by the city supplemental pension  fund  established  under
  section 13-650 of this title to police subchapter one beneficiaries.
    (3)   Unfunded  accrued  liability  contributions.--(a)  The  original
  unfunded accrued liability contribution shall be  an  amount  which,  if
  paid  to the contingent reserve fund in forty equal annual installments,
  commencing with payment of a first installment in  the  city's  nineteen
  hundred  seventy-seven--nineteen hundred seventy-eight fiscal year would
  be the actuarial equivalent, on the basis of five and one-half percentum
  interest and the actuarial tables in effect as of July  first,  nineteen
  hundred  seventy-seven,  of the difference between the accrued liability
  excluding the liability for benefits attributable to the annuity savings
  fund on June thirtieth, nineteen  hundred  seventy-five  and  the  total
  funds  on  hand,  excluding  the amount in the annuity savings fund, but
  including the amount of  any  unpaid  moneys  appropriated  pursuant  to
  section 13-231 of this subchapter.
    (b)  (i)  The revised unfunded accrued liability contribution shall be
  an amount determined as prescribed in items (ii), (iii), (iv), (v), (vi)
  and (vii) of this subparagraph (b).
    (ii) To the amount of the difference constituting the unfunded accrued
  liability as of June thirtieth, nineteen hundred seventy-five heretofore
  determined pursuant to the provisions of  this  paragraph  three  as  in
  effect  on  July  first,  nineteen hundred seventy-seven, there shall be
  added interest thereon at the rate of five and one-half per  centum  per
  annum  for  the period from July first, nineteen hundred seventy-five to
  June thirtieth, nineteen hundred eighty.
    (iii) (A) There shall be computed,  in  the  manner  provided  for  in
  sub-item  (B)  of  this  item (iii), the discounted value of each of the
  installments of the unfunded accrued liability  contribution  which,  in
  the  absence of the enactment of chapter nine hundred fifty-seven of the
  laws of nineteen hundred eighty-one, where payable or  would  have  been
  payable  in  the city's nineteen hundred seventy-seven--nineteen hundred
  seventy-eight,   nineteen   hundred   seventy-eight--nineteen    hundred
  seventy-nine,  nineteen  hundred  seventy-nine--nineteen hundred eighty,
  nineteen  hundred  eighty--nineteen  hundred  eighty-one  and   nineteen
  hundred eighty-one--nineteen hundred eighty-two fiscal years.
    (B)  Such  discounted value of each such installment shall be computed
  as of January first of the  city's  second  fiscal  year  preceding  the
  fiscal  year  in  which  such installment was payable or would have been
  payable and on the basis of five and one-half per  centum  interest  per
  annum on the amount of such installment.
    (C)  There  shall be computed with respect to such discounted value of
  each such installment, interest  thereon  from  January  first  of  such
  second  fiscal  year preceding the fiscal year in which such installment

  was or would have been  payable  to  June  thirtieth,  nineteen  hundred
  eighty at the rate of five and one-half per centum per annum.
    (D)  The discounted values of all of such installments with respect to
  such fiscal years, computed as provided for in sub-items (A) and (B)  of
  this  item  (iii),  together  with  interest on each such installment as
  provided for in sub-item (C) of this item, shall be added together.
    (iv) From the sum computed pursuant to item (ii) of this  subparagraph
  (b),  the sum computed pursuant to item (iii) of this subparagraph shall
  be subtracted.
    (v) With respect to each city fiscal year occurring during the  period
  beginning  on  July  first,  nineteen  hundred eighty and ending on June
  thirtieth, nineteen hundred eighty-two,  the  revised  unfunded  accrued
  liability  contribution  shall  be the annual installment, applicable to
  such fiscal year, of an amount which, if paid to the contingent  reserve
  fund  in  thirty-five equal annual installments, commencing with payment
  of a first installment in the city's nineteen  hundred  eighty--nineteen
  hundred  eighty-one  fiscal  year, would be the actuarial equivalent, on
  the basis of seven and one-half per centum interest per  annum,  of  the
  remainder computed pursuant to item (iv) of this subparagraph.
    (vi) With respect to each city fiscal year occurring during the period
  beginning  on July first, nineteen hundred eighty-two and ending on June
  thirtieth, nineteen hundred eighty-eight, the revised  unfunded  accrued
  liability  contribution  shall  be the annual installment, applicable to
  such fiscal year, of an amount which, if paid to the contingent  reserve
  fund  in thirty-three equal annual installments, commencing with payment
  of   a   first   installment   in   the    city's    nineteen    hundred
  eighty-two--nineteen  hundred  eighty-three  fiscal  year,  would be the
  actuarial equivalent, on the basis of  eight  per  centum  interest  per
  annum,  of  the  present  value,  as of June thirtieth, nineteen hundred
  eighty-two on the basis of seven and one-half per  centum  interest  per
  annum,   of   those  installments  of  the  unfunded  accrued  liability
  contribution computed pursuant to item (v)  of  this  subparagraph  (b),
  which  installments  are  hypothetically  allocated  by such item (v) to
  designated city fiscal years succeeding June thirtieth, nineteen hundred
  eighty-two.
    (vii) With respect to each  city  fiscal  year  occurring  during  the
  period beginning on July first, nineteen hundred eighty-eight and ending
  on  June  thirtieth,  two thousand fifteen, the revised unfunded accrued
  liability contribution shall be the annual  installment,  applicable  to
  such  fiscal  year,  of  an  amount  which,  when paid to the contingent
  reserve fund in twenty-seven equal annual installments, commencing  with
  payment   of   a  first  installment  in  the  city's  nineteen  hundred
  eighty-eight--nineteen hundred eighty-nine fiscal  year,  shall  be  the
  actuarial  equivalent,  on the basis of eight and one-quarter per centum
  interest per annum, of the present value, as of June thirtieth, nineteen
  hundred eighty-eight on the basis  of  eight  per  centum  interest  per
  annum,   of   those  installments  of  the  unfunded  accrued  liability
  contribution computed pursuant to item (vi) of  this  subparagraph  (b),
  which  installments  are  hypothetically  allocated by such item (vi) to
  designated city fiscal years succeeding June thirtieth, nineteen hundred
  eighty-eight.
    (c)  (i)  The  nineteen  hundred  eighty  unfunded  accrued  liability
  adjustment  shall  be  an amount determined as prescribed in items (ii),
  (iii), (iv) and (v) of this subparagraph (c).
    (ii) (A) Upon the basis of the actuarial tables in effect as  of  June
  thirtieth,  nineteen hundred eighty, for valuation purposes and interest
  at the rate of seven and one-half per centum per annum, there  shall  be
  determined, as of June thirtieth, nineteen hundred eighty, the amount of

  the  total  liability  for  all benefits provided in this subchapter, in
  article eleven of the retirement and social  security  law,  in  article
  fourteen  of  the retirement and social security law (if applicable) and
  in  any  other  law  prescribing benefits payable by the pension fund on
  account of all members and beneficiaries,  excluding  the  liability  on
  account of future increased-take-home-pay contributions, if any, and the
  liability for benefits attributable to the annuity savings fund.
    (B)  From  such  total  liability computed pursuant to sub-item (A) of
  this item (ii), there shall be subtracted the sum of:
    (1) the present value, as of June thirtieth, nineteen hundred  eighty,
  of all future normal costs of the pension fund, computed pursuant to the
  entry age normal cost method of determining such normal costs; and
    (2)  the  present  value,  as  of  such  June thirtieth, of all future
  installments of the balance sheet liability contribution (as defined  in
  paragraph four of this subdivision b); and
    (3) the present value, as of such June thirtieth, of all then required
  future   payments,   pursuant  to  section  13-704  of  this  title,  of
  installments  of  losses  in  excess  of  installments   of   gains   on
  dispositions of securities within the meaning of such section; and
    (4)  the  present  value,  as of such June thirtieth, of future member
  contributions of members, if any, subject to  article  fourteen  of  the
  retirement and social security law; and
    (5)  the  total funds on hand as of such June thirtieth, excluding the
  amount in the annuity savings fund, but  including  the  amount  of  any
  unpaid   moneys   appropriated   pursuant  to  section  13-231  of  this
  subchapter.
    (iii) (A) If the amount computed pursuant to sub-item (B) of item (ii)
  of this subparagraph (c) is larger than the amount computed pursuant  to
  item  (iv)  of subparagraph (b) of this paragraph (3), the latter amount
  shall be subtracted from the former amount and the  remainder  resulting
  from such subtraction shall constitute a charge.
    (B)  If  the  amount computed pursuant to sub-item (B) of item (ii) of
  this subparagraph (c) is smaller than the amount  computed  pursuant  to
  item (iv) of subparagraph (b) of this paragraph, the former amount shall
  be  subtracted  from  the latter amount and the remainder resulting from
  such subtraction shall constitute a credit.
    (iv) (A) If the remainder computed pursuant  to  item  (iii)  of  this
  subparagraph  is  a charge, the nineteen hundred eighty unfunded accrued
  liability adjustment shall be an amount which, if paid to the contingent
  reserve fund  in  thirty  equal  annual  installments,  commencing  with
  payment   of   a  first  installment  in  the  city's  nineteen  hundred
  eighty--nineteen hundred eighty-one fiscal year, would be the  actuarial
  equivalent,  on  the basis of seven and one-half per centum interest per
  annum, of such remainder.
    (B)  If  the  remainder  computed  pursuant  to  item  (iii)  of  this
  subparagraph  is  a credit, the nineteen hundred eighty unfunded accrued
  liability adjustment shall be an amount which,  if  credited  in  thirty
  equal  annual  installments  (the  first  of which installments is to be
  credited  in  the  city's  nineteen  hundred  eighty--nineteen   hundred
  eighty-one  fiscal year) in reduction of the amount which the city would
  otherwise be required to pay to the contingent reserve fund pursuant  to
  items  (i),  (iii),  (iv),  (v),  (vi)  and (vii) of subparagraph (a) of
  paragraph (1) of this subdivision b or otherwise pursuant to law,  would
  be  the  actuarial  equivalent,  on  the basis of seven and one-half per
  centum interest per annum, of such remainder.
    (v) (A) With respect to determination of the amount  of  contributions
  payable  to  the  contingent reserve fund in each of the city's nineteen
  hundred  eighty--nineteen  hundred  eighty-one  and   nineteen   hundred

  eighty-one--nineteen   hundred   eighty-two  fiscal  years,  the  annual
  installment of the nineteen hundred eighty  unfunded  accrued  liability
  adjustment  computed  pursuant  to  item  (iv) of this subparagraph (c),
  which installment is applicable to such fiscal year, shall be applied as
  a  charge  or  a  credit,  as  the  case  may  be,  in  relation to such
  contributions payable in such fiscal year.
    (B) With respect to  determination  of  the  amount  of  contributions
  payable  to  the  contingent  reserve  fund  in  each  city  fiscal year
  occurring during the period beginning on July  first,  nineteen  hundred
  eighty-two  and ending on June thirtieth, nineteen hundred eighty-eight,
  the nineteen hundred eighty unfunded accrued liability adjustment  shall
  be  an  amount which, if paid (if a charge) or credited (if a credit) in
  twenty-eight equal annual installments, commencing  with  a  payment  or
  credit,   as   the   case   may  be,  in  the  city's  nineteen  hundred
  eighty-two--nineteen hundred eighty-three  fiscal  year,  would  be  the
  actuarial  equivalent,  on  the  basis  of eight per centum interest per
  annum, of the present value, as  of  June  thirtieth,  nineteen  hundred
  eighty-two  on  the  basis of seven and one-half per centum interest per
  annum, of those installments of the  nineteen  hundred  eighty  unfunded
  accrued  liability  adjustment  computed  pursuant  to item (iv) of this
  subparagraph (c), which installments  are  hypothetically  allocated  by
  such   item  (iv)  to  designated  city  fiscal  years  succeeding  June
  thirtieth, nineteen hundred eighty-two.
    (C) With respect to  determination  of  the  amount  of  contributions
  payable  to  the  contingent  reserve  fund  in  each  city  fiscal year
  occurring  during  the  period  beginning  on   July   first,   nineteen
  eighty-eight  and  ending  on  June  thirtieth,  two  thousand  ten, the
  nineteen hundred eighty unfunded accrued liability adjustment  shall  be
  an  amount  which,  when paid (if a charge) or credited (if a credit) in
  twenty-two equal annual  installments,  commencing  with  a  payment  or
  credit,   as   the   case   may  be,  in  the  city's  nineteen  hundred
  eighty-eight--nineteen hundred eighty-nine fiscal  year,  shall  be  the
  actuarial  equivalent,  on the basis of eight and one-quarter per centum
  interest per annum, of the present value, as of June thirtieth, nineteen
  hundred eighty-eight on the basis  of  eight  per  centum  interest  per
  annum,  of  those  installments  of the nineteen hundred eighty unfunded
  accrued liability adjustment computed pursuant to sub-item (b)  of  this
  item  (v),  which  installments  are  hypothetically  allocated  by such
  sub-item (b) to designated city fiscal years succeeding June  thirtieth,
  nineteen hundred eighty-eight.
    (D)  With  respect  to  determination  of  the amount of contributions
  payable to the contingent reserve fund in each of such city fiscal years
  referred to in sub-item (B) or sub-item (C) of this item (v), the annual
  installment of the nineteen hundred eighty  unfunded  accrued  liability
  adjustment computed pursuant to sub-item (B) or sub-item (C)of this item
  (v),  which  installment  is  applicable  to  such fiscal year, shall be
  applied as a charge or credit, as the case may be, in relation  to  such
  contributions payable in such fiscal year.
    (d)  (i)  The  nineteen  hundred eighty-two unfunded accrued liability
  adjustment shall be an amount determined as prescribed  in  items  (ii),
  (iii), (iv) and (v) of this subparagraph (d).
    (ii)  Upon  the  basis  of  the  actuarial tables in effect as of June
  thirtieth,  nineteen  hundred  eighty-one  for  valuation  purposes  and
  interest  at  the rate of seven and one-half per centum per annum, there
  shall be determined, as of June thirtieth, nineteen hundred  eighty-two,
  the  amount  of  the  actuarial  accrued  liability of the pension fund,
  computed pursuant to the entry age normal cost  method  of  ascertaining
  such actuarial accrued liability.

    (iii)  Upon  the  basis  of  the actuarial tables in effect as of June
  thirtieth,  nineteen  hundred  eighty-two  for  valuation  purposes  and
  interest  at  the  rate  of  eight  per centum per annum, there shall be
  determined, as of  June  thirtieth,  nineteen  hundred  eighty-two,  the
  amount  of the actuarial accrued liability of the pension fund, computed
  pursuant to the entry  age  normal  cost  method  of  ascertaining  such
  actuarial accrued liability.
    (iv)  With  respect  to  determination  of the amount of contributions
  payable to  the  contingent  reserve  fund  in  each  city  fiscal  year
  occurring  during  the  period beginning on July first, nineteen hundred
  eighty-two and ending on June thirtieth, nineteen hundred  eighty-eight,
  the  nineteen  hundred  eighty-two unfunded accrued liability adjustment
  shall  be  an  amount  which,  if  credited  in  thirty   equal   annual
  installments  (the  first of which installments is to be credited in the
  city's nineteen hundred eighty-two--nineteen hundred eighty-three fiscal
  year) in reduction of the amounts which  the  city  would  otherwise  be
  required  to  pay  to the contingent reserve fund pursuant to items (i),
  (iii), (iv), (vi) and (vii) of subparagraph (a) of paragraph (1) of this
  subdivision b or otherwise pursuant  to  law,  would  be  the  actuarial
  equivalent,  on the basis of eight per centum interest per annum, of the
  excess of the amount computed pursuant to item (ii) of this subparagraph
  (d)  over  the  amount  computed  pursuant  to  item   (iii)   of   this
  subparagraph.
    (v)  With  respect  to  determination  of  the amount of contributions
  payable to  the  contingent  reserve  fund  in  each  city  fiscal  year
  occurring  during  the  period beginning on July first, nineteen hundred
  eighty-eight and ending on June  thirtieth,  two  thousand  twelve,  the
  nineteen  hundred eighty-two unfunded accrued liability adjustment shall
  be  an  amount  which,  when  credited  in  twenty-four   equal   annual
  installments  (the  first of which installments is to be credited in the
  city's  nineteen  hundred  eighty-eight--nineteen  hundred   eighty-nine
  fiscal  year) in reduction of the amounts which the city would otherwise
  be required to pay to the contingent reserve fund pursuant to items (i),
  (iii), (iv), (vi) and (vii) of subparagraph (a) of paragraph (1) of this
  subdivision b or otherwise pursuant  to  law,  shall  be  the  actuarial
  equivalent,  on  the  basis of eight and one-quarter per centum interest
  per annum, of the present value, as of June thirtieth, nineteen  hundred
  eighty-eight  on  the  basis  of eight per centum interest per annum, of
  those installments of the nineteen hundred eighty-two  unfunded  accrued
  liability adjustment computed pursuant to item (iv) of this subparagraph
  (d),  which  installments  are  hypothetically allocated by such item to
  designated city fiscal years succeeding June thirtieth, nineteen hundred
  eighty-eight.
    (e) (i) The nineteen hundred eighty-five  unfunded  accrued  liability
  adjustment  shall  be  an amount determined as prescribed in items (ii),
  (iii) and (iv) of this subparagraph (e).
    (ii) Upon the basis of the actuarial tables in  effect  for  valuation
  purposes  with  respect  to  determination  of  the  normal contribution
  payable to the contingent reserve fund in the  city's  nineteen  hundred
  eighty-four--nineteen  hundred  eighty-five  fiscal year and interest at
  the rate of eight per centum per annum, there shall be determined, as of
  June  thirtieth,  nineteen  hundred  eighty-five,  the  amount  of   the
  actuarial  accrued  liability  of the pension fund, computed pursuant to
  the entry age normal cost method of ascertaining such actuarial  accrued
  liability.
    (iii)  Upon  the basis of the actuarial tables in effect for valuation
  purposes with  respect  to  determination  of  the  normal  contribution
  payable  to  the  contingent reserve fund in the city's nineteen hundred

  eighty-five--nineteen hundred eighty-six fiscal year and interest at the
  rate of eight per centum per annum, there shall  be  determined,  as  of
  June   thirtieth,  nineteen  hundred  eighty-five,  the  amount  of  the
  actuarial  accrued  liability  of the pension fund, computed pursuant to
  the entry age normal cost method of ascertaining such actuarial  accrued
  liability.
    (iv)  (A)  The nineteen hundred eighty-five unfunded accrued liability
  adjustment, for each  city  fiscal  year  occurring  during  the  period
  beginning on July first, nineteen hundred eighty-five and ending on June
  thirtieth,  nineteen  hundred  eighty-eight, shall be an amount which if
  paid to the contingent reserve fund in thirty equal annual installments,
  commencing with payment of a first installment in  the  city's  nineteen
  hundred  eighty-five--nineteen  hundred eighty-six fiscal year, would be
  the actuarial equivalent, on the basis of eight per centum interest  per
  annum,  of  the  excess of the amount computed pursuant to item (iii) of
  this subparagraph (e) over the amount computed pursuant to item (ii)  of
  this subparagraph.
    (B)  The  nineteen  hundred  eighty-five  unfunded  accrued  liability
  adjustment for  each  city  fiscal  year  occurring  during  the  period
  beginning  on  July  first,  nineteen hundred eighty-eight and ending on
  June thirtieth, two thousand fifteen, shall be  an  amount  which,  when
  paid  to  the  contingent  reserve  fund  in  equal annual installments,
  commencing with payment of a first installment in  the  city's  nineteen
  hundred eighty-eight--nineteen hundred eighty-nine fiscal year, shall be
  the  actuarial  equivalent,  on  the  basis of eight and one-quarter per
  centum interest per  annum,  of  the  present  value,  as  of  the  June
  thirtieth,  nineteen  hundred  eighty-eight  on  the  basis of eight per
  centum interest per annum, of those installments of the unfunded accrued
  liability adjustment computed pursuant to  sub-item  (A)  of  this  item
  (iv),  which  installments are hypothetically allocated by such sub-item
  (A) to designated city fiscal years succeeding June thirtieth,  nineteen
  hundred eighty-eight.
    (4)  (a)  As  used  in  this section, the following words and phrases,
  unless a different meaning is plainly required  by  the  context,  shall
  have the following meanings:
    (i)  (A)  "Normal  contribution for balance sheet liability purposes".
  The hypothetical amount which the normal contribution  payable  in  each
  city  fiscal  year  occurring during the period beginning on July first,
  nineteen hundred seventy-four and ending  on  June  thirtieth,  nineteen
  hundred  eighty would have equalled if such normal contribution had been
  required by law to be paid to the contingent reserve fund  in  the  city
  fiscal year in which the obligation to make such normal contribution had
  been  required  by  law  to  be determined in the manner provided for in
  sub-items (B), (C) and (D) of this item (i).
    (B) Upon the basis of the mortality and other tables  effective  under
  this  subchapter  as  of  July first, nineteen hundred seventy-seven and
  interest at the rate of five and one-half  per  centum  per  annum,  the
  actuary  shall  determine, as of June thirtieth next preceding each such
  fiscal year for which  such  normal  contribution  is  being  determined
  (hereinafter referred to as the "subject fiscal year") the amount of the
  then  total  liability  for all benefits provided in this subchapter, in
  article eleven of the retirement and social security law, in  any  other
  law prescribing benefits payable by the pension fund in article fourteen
  of  such  law  (if applicable) and in any other law prescribing benefits
  payable by  the  pension  fund  on  account  of  all  then  members  and
  beneficiaries,  excluding the then liability on account of future annual
  contributions, for balance  sheet  liability  purposes,  on  account  of
  reserves-for-increased-take-home-pay  (as  defined  in item (iv) of this

  subparagraph  (a),  if  any,  and  the  then  liability   for   benefits
  attributable to the annuity savings fund.
    (C)  The  hypothetical normal rate of contribution with respect to the
  subject fiscal year shall be the rate per centum obtained:
    (1) by deducting from the amount of such total liability the sum of:
    (A) the present value of all then  required  future  unfunded  accrued
  liability contributions for balance sheet liability purposes (as defined
  in item (ii) of this subparagraph (a)); and
    (B)   the   present   value   of   all  then  required  future  annual
  contributions, for balance  sheet  liability  purposes,  on  account  of
  amortization  of losses on dispositions of certain securities within the
  meaning of section 13-704 of this title (as defined  in  item  (iii)  of
  this subparagraph (a)); and
    (C)  the  present  value of future member contributions of members, if
  any, subject to article fourteen of the retirement and  social  security
  law; and
    (D)  the  amount  obtained  by adding together the total funds on hand
  (excluding therefrom the amount in the annuity  savings  fund)  and  the
  balance  sheet  liability  as  of such June thirtieth next preceding the
  subject fiscal year; and
    (2) by dividing the remainder by one per centum of  the  then  present
  value  of the prospective future salaries of all members, as computed on
  the basis of the  mortality  and  service  tables  adopted  pursuant  to
  section  13-221 of this subchapter and in effect on July first, nineteen
  hundred seventy-seven, and on the basis of interest at the rate of  five
  and one-half per centum per annum.
    (D)  The amount of the normal contribution for balance sheet liability
  purposes hypothetically payable in the subject fiscal year shall be  the
  amount obtained (1) by multiplying such hypothetical normal contribution
  rate  computed  with respect to the subject fiscal year by the aggregate
  annual salaries of the members as  of  June  thirtieth  of  the  subject
  fiscal  year  and  (2)  by adding to the product of such multiplication,
  interest on such product at the rate of five and one-half per centum per
  annum for a period of six months.
    (ii)  "Unfunded  accrued  liability  contribution  for  balance  sheet
  liability  purposes".  (A)  With  respect to the city's nineteen hundred
  seventy-four--nineteen hundred seventy-five fiscal year, such term shall
  mean a hypothetical amount which, if paid to the contingent reserve fund
  in forty equal annual installments, beginning with payment  of  a  first
  installment   in  the  city's  nineteen  hundred  seventy-four--nineteen
  hundred seventy-five fiscal year, would be the actuarial equivalent,  on
  the  basis  of  interest at the rate of five and one-half per centum per
  annum, of the remainder computed in the manner prescribed  by  sub-items
  (B) and (C) of this item (ii).
    (B) Upon the basis of the actuarial tables in effect as of July first,
  nineteen  hundred  seventy-seven  for valuation purposes and interest at
  the rate of five and one-half per  centum  per  annum,  there  shall  be
  computed,  as  of  June  thirtieth,  nineteen  hundred seventy-four, the
  amount of  the  total  liability  for  all  benefits  provided  by  this
  subchapter,  in article eleven of the retirement and social security law
  and in any other law prescribing benefits payable by the pension fund on
  account of all members and beneficiaries,  excluding  the  liability  on
  account   of   future   increased-take-home-pay  contributions  and  the
  liability for benefits attributable to the annuity savings fund.
    (C) From such total liability computed pursuant  to  sub-item  (B)  of
  this item (ii) there shall be subtracted the sum of:
    (1)  the  present  value,  as  of  June  thirtieth,  nineteen  hundred
  seventy-four, of all future normal costs of the pension  fund,  computed

  pursuant  to the entry age normal cost method of determining such normal
  cost; and
    (2) the present value, as of such June thirtieth, of all then required
  future  payments,  pursuant  to section 13-704 of this title (as then in
  effect), of installments of losses in excess of installments of gains on
  dispositions of securities within the meaning of such section; and
    (3) the sum obtained by adding together the balance sheet liability as
  of such June thirtieth (as such liability is determined pursuant to  the
  provisions  of  subparagraph  (b)  of this paragraph four) and the total
  funds on hand as of such June thirtieth, excluding  the  amount  in  the
  annuity  savings  fund,  but  including  the amount of any unpaid moneys
  appropriated pursuant to section 13-231 of this subchapter.
    (D) With respect to each of the city's fiscal years  occurring  during
  the  period  from  July  first,  nineteen  hundred  seventy-five to June
  thirtieth, nineteen hundred eighty, such term shall mean a  hypothetical
  amount  which,  if  paid  to  the contingent reserve fund in forty equal
  annual installments, beginning with payment of a  first  installment  in
  the  city's  nineteen hundred seventy-five--nineteen hundred seventy-six
  fiscal year, would be the actuarial equivalent, on the basis of interest
  at the rate of five and one-half per centum per annum, of the  remainder
  computed pursuant to sub-items (E) and (F) of this item (ii).
    (E) Upon the basis of the actuarial tables in effect as of July first,
  nineteen  hundred  seventy-seven  for valuation purposes and interest at
  the rate of five and one-half per  centum  per  annum,  there  shall  be
  computed,  as  of  June  thirtieth,  nineteen  hundred seventy-five, the
  amount of the total liability for all benefits provided by this chapter,
  in article eleven of the retirement and social security law and  in  any
  other  law  prescribing  benefits  payable  by  the retirement system on
  account of all members and beneficiaries,  excluding  the  liability  on
  account   of   future   increased-take-home-pay  contributions  and  the
  liability for benefits attributable to the annuity savings fund.
    (F) From such total liability computed pursuant  to  sub-item  (E)  of
  this item (ii), there shall be subtracted the sum of:
    (1)  the  present  value,  as  of  June  thirtieth,  nineteen  hundred
  seventy-five, of all future normal costs of the pension  fund,  computed
  pursuant  to the entry age normal cost method of determining such normal
  costs; and
    (2) the present value, as of such June thirtieth, of all then required
  future payments, pursuant to section 13-704 of this title  (as  then  in
  effect), of installments of losses in excess of installments of gains on
  dispositions of securities within the meaning of such section; and
    (3) the sum obtained by adding together the balance sheet liability as
  of  such June thirtieth (as such liability is determined pursuant to the
  provisions of subparagraphs (c) to  (i)  inclusive,  of  this  paragraph
  four)  and the total funds on hand, as of such June thirtieth, excluding
  the amount in the annuity savings fund, but including the amount of  any
  unpaid   moneys   appropriated   pursuant  to  section  13-231  of  this
  subchapter.
    (iii) "Annual contribution, for balance sheet liability  purposes,  on
  account  of amortization of losses on dispositions of certain securities
  within the meaning of section 13-704  of  this  title".  A  hypothetical
  annual  payment  to  the  contingent  reserve fund in each of the city's
  fiscal years occurring  during  the  period  beginning  on  July  first,
  nineteen  hundred  seventy-four  and  ending on June thirtieth, nineteen
  hundred eighty, of the amount of the excess of installments (payable  in
  such  year)  of  losses  on  prior dispositions of securities within the
  meaning  of  section  13-704  of  this  title  over   the   installments
  (creditable  in  such  year)  of gains on such prior dispositions, which

  annual amount shall be determined in the manner provided in  subdivision
  h of such section 13-704 of this title.
    (iv)  "Annual  contribution,  for balance sheet liability purposes, on
  account of reserves-for-increased-take-home-pay". A hypothetical  annual
  payment  to  the  contingent  reserve  fund in each of the city's fiscal
  years occurring during the period  from  July  first,  nineteen  hundred
  seventy-four  to  June thirtieth, nineteen hundred eighty, of the amount
  required to fulfill the public employer  obligation,  which  accrued  in
  such year, to make contributions on account of increased-take-home-pay.
    (v)  "Annual  military  law  contribution  for balance sheet liability
  purposes". A hypothetical annual payment to the contingent reserve  fund
  in each of the city's fiscal years occurring during the period beginning
  on  July  first,  nineteen  hundred  seventy-four  and  ending  on  June
  thirtieth, nineteen hundred eighty, of the amount  required  to  fulfill
  the  public  employer  obligation,  which accrued in such year under the
  provisions of subdivision twenty of section two hundred  forty-three  of
  the  military  law,  to  pay  in  behalf  of members qualifying for such
  benefit,  member  contributions  with  respect  to  certain  periods  of
  military service of such members.
    (vi)  "Deficiency  contribution".  The  annual amount which, under the
  provisions of paragraph one of this subdivision b  and  paragraph  three
  thereof,  as  such provisions were in effect during the period from July
  first, nineteen hundred seventy-two to June thirtieth, nineteen  hundred
  seventy-seven,  the  city  was required to pay to the contingent reserve
  fund in each  of  the  city's  nineteen  hundred  seventy-four--nineteen
  hundred  seventy-five,  nineteen  hundred seventy-five--nineteen hundred
  seventy-six   and   nineteen   hundred   seventy-six--nineteen   hundred
  seventy-seven fiscal years.
    (vii)  "Contribution  on  account of amortization, pursuant to section
  13-704 of this title, of losses on dispositions of certain  securities".
  The  total annual amount by which the sum of the installments of losses,
  payable pursuant to section 13-704 of this title (as in effect prior  to
  July  first, nineteen hundred eighty) in each of the city's fiscal years
  occurring  during  the  period  from  July   first,   nineteen   hundred
  seventy-four  to  June thirtieth, nineteen hundred eighty in relation to
  dispositions of securities within the meaning of such  section,  exceeds
  the  sum of the installments of gains creditable in the same fiscal year
  in relation to the same dispositions of securities.
    (b) The balance sheet liability as of June thirtieth, nineteen hundred
  seventy-four shall be the sum of two hundred  fifty-two  million,  three
  hundred    fifty-two   thousand,   six   hundred   ninety-nine   dollars
  ($252,352,699), consisting of the sum of:
    (i) the discounted value,  as  of  June  thirtieth,  nineteen  hundred
  seventy-four,  of the sum of ninety-five million, seven hundred thousand
  dollars ($95,700,000), which constituted the  amount  payable  into  the
  contingent    reserve    fund    in    the   city's   nineteen   hundred
  seventy-four--nineteen hundred seventy-five fiscal year by the  city  in
  fulfillment of its obligations to make contributions to the pension fund
  payable  in  such  fiscal year, such discounting being calculated on the
  basis of interest at the rate of five and one-half per centum per  annum
  and a discount period of six months extending retroactively from January
  first, nineteen hundred seventy-five to June thirtieth, nineteen hundred
  seventy-four,  and  such  discounted value being the sum of ninety-three
  million,  one  hundred   seventy-two   thousand,   eighty-five   dollars
  ($93,172,085); and
    (ii)  the  discounted  value,  as  of June thirtieth, nineteen hundred
  seventy-four, of the  sum  of  one  hundred  seventy-two  million,  four
  hundred   ninety-one   thousand,   nine   hundred   ninety-four  dollars

  ($172,491,994), which constituted the amount payable to  the  contingent
  reserve  fund  in  the  city's  nineteen  hundred seventy-five--nineteen
  hundred seventy-six fiscal year  by  the  city  in  fulfillment  of  its
  obligations  to  make  contributions to the pension fund payable in such
  fiscal year, such discounting being calculated on the basis of  interest
  at  the  rate  of  five and one-half per centum per annum and a discount
  period of eighteen months extending retroactively  from  January  first,
  nineteen   hundred  seventy-six  to  June  thirtieth,  nineteen  hundred
  seventy-four, and such discounted value being the  sum  of  one  hundred
  fifty-nine  million,  one  hundred eighty thousand, six hundred fourteen
  dollars ($159,180,614).
    (c) The balance sheet liability, as of each June thirtieth  succeeding
  June  thirtieth,  nineteen  hundred  seventy-four  to and including June
  thirtieth, nineteen hundred eighty, shall be determined as provided  for
  in subparagraphs (d) to (j), inclusive, of this paragraph four.
    (d)  To the amount of the balance sheet liability as of June thirtieth
  next preceding the June thirtieth (which last-mentioned  June  thirtieth
  is  hereinafter referred to as the "subject June thirtieth") as of which
  the balance sheet liability is  being  determined  as  provided  for  in
  subparagraph (c) of this paragraph four, there shall be added one year's
  interest  on such amount at the rate of five and one-half per centum per
  annum.
    (e) With respect to the city's fiscal year ending on the subject  June
  thirtieth  (hereinafter  referred to as the "subject fiscal year") there
  shall  be  added  together  the  contribution   components   hereinafter
  specified  in  this subparagraph (e), which components, for the purposes
  of this paragraph four, are hypothetically deemed to have accrued in the
  subject fiscal year and to have been payable therein, as follows:
    (i) the amount of the normal contribution for balance sheet  liability
  purposes  (as  defined in item (i) of subparagraph (a) of this paragraph
  four); and
    (ii) the amount of the applicable installment of the unfunded  accrued
  liability  contribution for balance sheet liability purposes (as defined
  in item (ii) of subparagraph (a) of this paragraph); and
    (iii) the  amount  of  the  annual  contribution,  for  balance  sheet
  liability purposes, on account of amortization of losses on dispositions
  of certain securities within the meaning of section 13-704 of this title
  (as defined in item (iii) of subparagraph (a) of this paragraph); and
    (iv)  the  amount  of  the  annual  contribution,  for  balance  sheet
  liability purposes, on account  of  reserves-for-increased-take-home-pay
  (as defined in item (iv) of subparagraph (a) of this paragraph); and
    (v)  the  amount  of  the annual military law contribution for balance
  sheet liability purposes (as defined in item (v) of subparagraph (a)  of
  this paragraph).
    (f)   To   the  amount  resulting  from  the  addition  prescribed  by
  subparagraph (e) of this paragraph four, there shall be  added  interest
  thereon  at  the  rate  of  five  and one-half per centum per annum from
  January first of the subject fiscal  year  to  June  thirtieth  of  such
  fiscal year.
    (g) The amount computed pursuant to subparagraph (d) of this paragraph
  four  in  relation  to  the balance sheet liability as of June thirtieth
  next preceding the subject June  thirtieth  (together  with  one  year's
  interest  on  such  balance  sheet  liability  as  provided  for in such
  subparagraph)  shall  be  added  to  the  amount  computed  pursuant  to
  subparagraph  (f)  of  this  paragraph in relation to the subject fiscal
  year.
    (h) From the amount computed pursuant  to  subparagraph  (g)  of  this
  paragraph, there shall be subtracted the sum of:

    (i)  the  total amount of the sums paid to the contingent reserve fund
  during  the  subject  fiscal  year  by  the  city  on  account  of   its
  obligations,   which  accrued  during  the  city's  second  fiscal  year
  preceding the subject fiscal year, to provide:
    (A)  the  normal contribution payable in the subject fiscal year under
  the provisions of paragraphs one and two of this subdivision b  as  then
  in effect; and
    (B) the installment of the deficiency contribution (as defined in item
  (vi)  of  subparagraph (a) of this paragraph four) or the installment of
  the original unfunded accrued liability  contribution,  (as  defined  in
  subparagraph  (a) of paragraph three of this subdivision b), as the case
  may be, payable in the subject fiscal year; and
    (C) the  amount  of  the  contribution  on  account  of  amortization,
  pursuant  to  section 13-704 of this title, of losses on dispositions of
  certain securities (as defined in item (vii) of subparagraph (a) of this
  paragraph four) payable in the subject fiscal year; and
    (D) the amount payable in  the  subject  fiscal  year  on  account  of
  reserves-for-increased-take-home-pay; and
    (E) the amount payable in the subject fiscal year in behalf of members
  pursuant to subdivision twenty of section two hundred forty-three of the
  military law; plus
    (ii)  interest  on  such  total amount referred to in item (i) of this
  subparagraph (h) at the rate of five and one-half per centum  per  annum
  from January first of the subject fiscal year to June thirtieth thereof.
    (i)  The  remainder  resulting  from  the  subtraction  prescribed  by
  subparagraph (h) of this paragraph  four  shall  be  the  balance  sheet
  liability as of June thirtieth of the subject fiscal year.
    (j) The balance sheet liability as of June thirtieth, nineteen hundred
  eighty shall be the amount resulting from the successive computations of
  the  balance  sheet  liability as of each June thirtieth succeeding June
  thirtieth, nineteen  hundred  seventy-four  up  to  and  including  June
  thirtieth,  nineteen  hundred eighty, as prescribed by subparagraphs (c)
  to (i), inclusive, of this paragraph four.
    (k) The balance sheet liability contribution  payable  in  the  city's
  nineteen  hundred  eighty-one--nineteen  hundred  eighty-two fiscal year
  shall be the first annual installment of an amount which, if paid to the
  contingent reserve fund in forty equal annual  installments,  commencing
  with  payment  of  a  first  installment  in the city's nineteen hundred
  eighty-one--nineteen  hundred  eighty-two  fiscal  year,  would  be  the
  actuarial equivalent, as of June thirtieth, nineteen hundred eighty-one,
  on  the basis of seven and one-half per centum interest per annum, of an
  amount equal to the  balance  sheet  liability  as  of  June  thirtieth,
  nineteen hundred eighty.
    (l)  The  balance  sheet  liability  contribution payable in each city
  fiscal year during the period beginning on July first, nineteen  hundred
  eighty-two  and  ending on June thirtieth, nineteen hundred eighty-eight
  shall be one annual installment of an  amount  which,  if  paid  to  the
  contingent  reserve  fund  in  thirty-nine  equal  annual  installments,
  commencing  with  a  first  payment  in  the  city's  nineteen   hundred
  eighty-two--nineteen  hundred  eighty-three  fiscal  year,  would be the
  actuarial equivalent, as of June thirtieth, nineteen hundred eighty-two,
  on the basis of eight per centum interest  per  annum,  of  the  present
  value, as of June thirtieth, nineteen hundred eighty-two on the basis of
  seven  and one-half per centum interest per annum, of those installments
  of  the  balance  sheet  liability  contribution  computed  pursuant  to
  subparagraph   (k)   of  this  paragraph  (4),  which  installments  are
  hypothetically allocated by such subparagraph  (k)  to  designated  city
  fiscal years succeeding June thirtieth, nineteen hundred eighty-two.

    (m)  The  balance  sheet  liability  contribution payable in each city
  fiscal year during the period beginning on July first, nineteen  hundred
  eighty-eight and ending on June thirtieth, two thousand twenty-one shall
  be  one  annual  installment  of  an  amount  which,  when  paid  to the
  contingent  reserve  fund  in  thirty-three  equal  annual installments,
  commencing  with  a  first  payment  in  the  city's  nineteen   hundred
  eighty-eight--nineteen  hundred  eighty-nine  fiscal  year, shall be the
  actuarial  equivalent,  as   of   June   thirtieth,   nineteen   hundred
  eighty-eight,  on the basis of eight and one-quarter per centum interest
  per annum, of the present value, as of June thirtieth, nineteen  hundred
  eighty-eight  on  the  basis  of eight per centum interest per annum, of
  those installments of the balance sheet liability contribution  computed
  pursuant  to  subparagraph (1) of this paragraph (4), which installments
  are hypothetically allocated by such subparagraph (1) to designated city
  fiscal years succeeding June thirtieth, nineteen hundred eighty-eight.
    (5) Contributions to the contingent reserve fund payable by  the  city
  in  fiscal  years of the city beginning on or after July first, nineteen
  hundred ninety shall be governed by the provisions of this  section,  as
  modified  and  supplemented  by  sections  13-638.2 and 13-638.3 of this
  title, and such other laws as may be applicable.
    (6) (a) On the basis of interest at the rate of eight and one-half per
  centum per annum and the actuarial tables in effect as  of  July  first,
  nineteen  hundred  ninety-four,  the actuary shall determine the present
  value as of such July first, of the future liability of the pension fund
  for paying all benefits and supplemental benefits on and after such date
  to police subchapter one beneficiaries (as defined in paragraph three of
  subdivision a of section 13-213.1 of this chapter), which  liability  is
  deemed  to  have been transferred to and assumed by the fund pursuant to
  subdivisions d, e and g of section 13-213.1 of this chapter as  if  such
  transfers actually had been made on such July first.
    (b)  The  city  shall  pay to the contingent reserve fund in ten equal
  annual installments, commencing with payment of a first  installment  in
  the  city's  nineteen  hundred ninety-four--nineteen hundred ninety-five
  fiscal year, an amount which, when paid in  such  installments,  is  the
  actuarial  equivalent  of the amount determined pursuant to subparagraph
  (a) of this paragraph.
    c. Whenever the board,  upon  recommendation  by  the  actuary,  shall
  determine  that  it  is  necessary  to increase the reserves held in the
  annuity reserve fund, the pension reserve fund or the dependent  benefit
  reserve  fund,  the  board may direct that the amount so needed shall be
  transferred thereto from the contingent reserve fund.
    d. The cash benefits payable under the provisions of  this  subchapter
  to,  or upon the death of, a member in active service shall be paid from
  such contingent reserve fund.
    e. Upon the retirement of such a member, or upon his or her  death  in
  the  performance of duty, an amount equal to the pension reserve for the
  pension payable by the city on account of his or her city-service  as  a
  member,  together  with  reserve-for-increased-take-home-pay,  shall  be
  transferred from such fund to the pension  reserve  fund.  Contributions
  shall be paid into the contingent reserve fund, in the manner and to the
  extent  specified  by  section  13-226  of  this  subchapter, to provide
  reserves-for-increased-take-home-pay.